10/01/09
Atlanta — Marietta-based Columbia Properties, Inc has acquired the 130,000 square foot Merchants Exchange shopping center in Marietta, Georgia. The center is 98% occupied and is anchored by LA Fitness. Columbia purchased the center from Centro Properties, an Australian REIT, for $17 million. “Properties like Merchants Exchange in the heart of the affluent East Cobb retail trade area do not come on the market very often”, says Andy Campbell, Partner at Columbia Properties, “We were fortunate that Centro needed to divest of this asset and we had a strong banking relationship with BB&T to enable us to close the $17,000,000 transaction in a short time frame.”
Columbia Properties Inc. is an Atlanta based fully-integrated owner and operator of retail real estate. Columbia is focused on neighborhood shopping centers throughout the Southeast and has developed more grocery anchored shopping centers in Metro Atlanta than any other firm. Its infrastructure and access to capital allow the firm to close transactions of all sizes quickly and with a great level of certainty. Columbia has acquired or developed more than 75 projects in its 30 year history and currently has more than 1,000,000 square feet of retail under management.